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APHMEL Diversifies, Boosts Profitability
30 Jul
Summary
- APHMEL achieved record turnover of ₹63.13 crore and profit of ₹23.33 crore.
- A new 300 kW solar plant is expected to save ₹24 lakh annually in electricity costs.
- The company is urged to explore business diversification beyond current manufacturing.
Singareni Collieries Company Limited (SCCL) is actively supporting its subsidiary, AP Heavy Machinery and Engineering Limited (APHMEL), in Vijayawada, to enhance and diversify its operations. APHMEL recently celebrated its most successful year in its five-decade history, achieving a turnover of ₹63.13 crore and a net profit of ₹23.33 crore.
As part of its strategic initiatives, a 300 kW solar power plant was virtually inaugurated, which is anticipated to reduce annual electricity costs by ₹24 lakh. The leadership has urged APHMEL's staff to concentrate on business diversification, seeking opportunities beyond the current manufacturing of machinery and equipment.
SCCL has pledged continued support for APHMEL, especially in adopting advanced technologies to foster industrial growth. This focus on innovation and diversification aims to position APHMEL for sustained success in response to evolving industry demands.
